Elon Musk hit Joe Biden with some depressing news about electric vehicles

Joe Biden’s Green New Deal seeks to force all Americans into Bidenmobiles.

But his scheme suffered a major setback.

And Elon Musk hit Joe Biden with some depressing news about electric vehicles.

Tesla earnings drop as electric vehicle sales cool down

Americans aren’t buying electric cars.

Ford lost $4.7 billion on Bidenmobiles in 2023.

The company projects to lose as much as $5.5 billion in 2024.

Elon Musk’s Tesla is also suffering as first-quarter earnings were down nearly double digits from 2023.

“Tesla’s first-quarter earnings showed drops of 9% for sales and 48% for adjusted profit, as compared with first-quarter 2023 results,” Marketwatch reported.

The problem with Bidenmobiles is they are expensive due to the high cost of battery production.

Bidnemobiles cost on average around $53,000 and the lowest price Tesla model comes in at $39,000.

Elon Musk promised a cheaper Bidenmobile – around $25,000 – by 2025.

But now even that project is in limbo as Tesla now admits it won’t be able to reach that price point.

“Tesla did not specify a price tag for what it is calling an affordable EV, and noted in its shareholder letter that its ‘update may result in achieving less cost reduction than previously expected.’ So while the $25,000 vehicle does appear to be dead, Tesla is hoping to manufacture a vehicle that it says will be ‘more affordable’ on its current manufacturing lines,” Marketwatch reported.

But Telsa stock did rebound on the idea there would be some kind of lower-priced model on the market in the next 12 months.

“Tesla shares surged 15% on Wednesday morning after CEO Elon Musk said the electric-vehicle company plans to begin production of new affordable EV models by early 2025,” CNBC reported.

But Wall Street analysts aren’t so sure and think this may be a case of delusional optimism.

UBS wrote that while it was well within the realm of possibility that Tesla could mass produce autonomous vehicles, it had less confidence in the ability of the company to bring lower-priced Bidenmobiles onto the market.

“Increasingly, TSLA is a play on autonomy, and while progress is being made, we are cautious on near-term viability,” the UBS analysis of Tesla read. “We see limited growth for current lineup and lack of clarity on what these ‘new vehicles’ could bring.”

Biden issues an electric vehicle mandate

President Joe Biden recently imposed a new mandate on tailpipe emissions that will effectively ban gas-powered cars by 2032.

He obviously sold the American people a bill of goods about the viability of lower-cost electric vehicles.

Democrats sold Obamacare on the lie that “if you like your doctor, you can keep your doctor.”

In this case, Biden and the Democrats know this new mandate will kill the American auto industry.

But the goal is to punish Americans who live in rural communities where mass transportation isn’t an option because of how spread out life is.

By making cars unaffordable, Biden can kill communities that vote Republican by forcing the Americans who live there to move to blue strongholds in the cities and suburbs.